AvalonBay Communities has a large existing portfolio of over 8,000 apartments across 25 communities in the Boston area, with over 1,600 additional units currently under construction or in the development pipeline. One such project is the 187-unit Avalon Exeter development in Boston's Back Bay, which is utilizing an expanded inclusionary zoning agreement to provide 46 affordable units, almost twice the number required. Overall, over 80% of AvalonBay's Boston area developments have been subject to inclusionary zoning requirements.

1. AvalonBay Communities
Discussion on Inclusionary Zoning
May, 2014
Avalon Danvers – 433 Apts.
Completed 2008
Avalon Exeter – 187 Apts.
To Be Completed 2014
Avalon Natick – 407 Apts.
Completed 2013
Avalon Cohasset – 220 Apts.
Completed 2012
Avalon Natick – 407 Apts.Avalon Danvers – 433 Apts.
Avalon Cohasset – 220 Apts.

2. AVALONBAY BOSTON REGIONAL SUMMARY
 Current Boston Area Portfolio: 8,458 apartments in 25 communities.
 Communities Under Construction: 1,679 apartments in 6 communities
representing an investment of over $550 Million.
 Developments in Pipeline: 1,634 apartments in 5 communities
representing an investment of over $500 Million.
 Since 1994, AvalonBay has developed 7,219 apartment
homes in 31 communities representing an investment of over $1.2 Billion.
 Over 80% of these developments subject to Inclusionary Zoning.
AvalonBay Boston Regional Summary

3.  Apartment Homes:~187
 Status: Under Construction
 Capitalization: ~$100 Million +
 Average SF: ~1,069
 Overview:
 28-story high rise located in Boston’s Back Bay
Neighborhood. Development is the result of a 10+
year effort between AvalonBay and the City of
Boston as part of the Prudential Center
redevelopment.
Inclusionary Zoning: Case Study
Avalon Exeter

4.  Mayor’s Executive Order for Affordable Housing:
 15% of market units affordable, onsite
or
 $200,000 per unit for 15% of units, offsite
 AvalonBay currently owns 781 apartments at the
Prudential Center.
 A unique opportunity to maximize affordable
housing program in the Back Bay.
Avalon Exeter

5. Key Elements to expanding affordable housing
program:
Under Mayor’s Ordinance, 15% of market units, or 24
apartments located on site.
 Expand program by including more units on lower
floors.
 Expand program by shifting apartments to existing
towers.
 Result: Avalon Exeter program provides 46
affordable apartments, almost 2x’s the required
amount.
Avalon Exeter

6. Avalon Stuart Street
Boston, MA
Under Construction: 398 Apartments, 2015 Completion